Is there such a thing as too much momentum in today’s market? Not according to one technician, who says stocks haven’t seen this much force since 1999.
Jonathan Krinsky of MKM Partners compared the MSCI Momentum index, which tracks stocks with the best performance over the prior year, with the S&P 500.
“The spread between the two is 15 percent for the year right now,” he said Monday on CNBC’s “Trading Nation.” “That’s the biggest spread in favor of momentum since 1999, so it’s not surprising that we’re getting people thinking that we’ve gone too far.”
